While winter wraps up in Iowa, South America begins its harvest season.
Two primary competitors against U.S. agricultural commodities are Brazil and Argentina, good crops from those countries have a strong impact on global prices.
And the weather's been very favorable according to USDA meteorologist Mark Brusberg. He says if they get the same weather they've had for the last two months it's going to be a bumper crop, especially in Argentina.
He says, "And to start with Argentina, they've had a very wet year. Wet years for them usually mean abundant production of summer grains and oil seeds. So the corn crop looks good right now. The reports we're getting out of the country depict a very good corn crop the soybeans look good. Just everything looks good."
In Brazil, the big soybean growing regions in the west and east have been doing well, but Brusberg says there is one problem area, "On the eastern quarter, say 20 percent of the crop area. Around the end of December they dried out and they got warm. And a lot of those areas had 2-4 weeks of warmer and dryer than normal weather. Then the rain returned. So, our job now is to look at the eastern fringe growing area to try and determine what exactly what the input of that drying was."